Digital Oilfield Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Process (Drilling Optimization, Product Optimization, Reservoir Optimization, Others), By Application (Onshore, Offshore), By Solution (Hardware, Software, Services), And By Geography - Forecasts From 2019 To 2024

The digital oilfield market is estimated to witness a CAGR of 4.76% to reach US$19.258 billion in 2024 from US$14.573 billion in 2018. High adoption of automation in the oil and gas industry is the major driver of digital oilfield market. Strict workers safety regulations and rising cases of accidents in the past few years are also bolstering the adoption of digital oilfield solutions and services across the sector. Further, Rising E&P activities in regions with unfavorable climatic conditions will continue to propel the growth of the digital oilfield market during the forecast period.

The digital oilfield market has been segmented on the basis of process, application, solution, and geography. In the process segment, product optimization will hold a significant market share owing to the increasing focus on increasing productivity and efficiency. Further, in the solution segment, Hardware will grow at a substantial rate on account of the rising investment by companies towards technological advancements.

Geographically, the digital oilfield market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. North America holds a significant share in global digital oilfield market owing to the rapid rise in E&P activities in countries like the U.S. and Mexico along with the early adoption of advanced technologies and presence of major market players in the region.

DRIVERS
Rising technological advancement.
Penetration of industrial automation in oil and gas.

RESTRAINTS
Mounting privacy concerns.

The major players profiled in the digital oilfield market include Rockwell Automation, Inc., Weatherford, Schlumberger Limited, Emerson, Halliburton, Honeywell International, General Electric, Kongsberg Gruppen, Redline Communications, and IBM.

Digital Oilfield Market Scope:

Report Metric	Details
Market size value in 2018	US$14.573 billion
Market size value in 2024	US$19.258 billion
Growth Rate	CAGR of 4.76% from 2018 to 2024
Base year	2018
Forecast period	2019–2024
Forecast Unit (Value)	USD Billion
Segments covered	Process, Application, Solution, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	Rockwell Automation, Inc., Weatherford, Schlumberger Limited, Emerson, Halliburton, Honeywell International, General Electric, Kongsberg Gruppen, Redline Communications, IBM
Customization scope	Free report customization with purchase

 

Segmentation

The digital oilfield market has been analyzed through the following segments:

By Process
Drilling Optimization
Product Optimization
Reservoir Optimization
Others

By Application
Onshore
Offshore

By Solution
Hardware
Software
Services

By Geography
North America
USA
Canada
Mexico

South America
Brazil
Argentina
Others

Europe
Germany
France
United Kingdom
Spain
Others

Middle East and Africa
Saudi Arabia
Israel
Others

Asia Pacific
China
Japan
South Korea
India
Others

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